As the 2024 fall market begins, July results on the TRREB are showing a positive uptick in sales activity. Unit sales were up 3.3% compared to July 2023 and the average price was just about flat to last year. Inventory was up 19% which will give buyers more choice as we head into what we feel will be a busy fall.
The results in Mississauga were almost most identical with positive sales and price gains in the semi-detached and townhome property types. Condo apartments are experiencing the largest decline in activity as inventory continues to build and prices drop. With many new projects coming to close, we are seeing a significant increase in inventory at 2021 sales per foot prices. It will take some time for the market to absorb the increase in units- but as the cost of borrowing drops we should see more first time buyers and investors return to the condo market. See our article in this issue on what the change in borrowing costs means to buyers and sellers.
Are you thinking of selling this fall or early spring? Here are several programs we offer:
1. Sign up for our Sellers workshops- the next one is on August 27th- REGISTER TODAY
2. You should know what your home is worth in todays market. See below on how to order your area stats report.
3. Book exterior photos of your property- the Larose marketing team can organize an exterior photo shoot of your property over the next 2 months this while the gardens show their best, the pool is still open and the grass is still green. Contact us for details.
Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the past 18 months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines until the cost of money decreases further. The next BOC interest rate announcement is Sept 4th and we predict there will be an another rate reduction of 25 basis points then and further reduction later in the fall. This means a full point reduction from last fall 2023- good news for both buyers and sellers.
Contact us for a confidential market evaluation of your home. You can reach us at 905-278-7355 or email [email protected]
